SEC
Whistleblower
Advocates

June 23, 2016

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Financial Fraud

SANCTION AMOUNT: $10,000,000

Defendants: Merrill Lynch, Pierce, Fenner & Smith Incorporated

Settlement of allegations that Respondent was responsible for misleading statements in offering materials provided to retail investors for structured notes linked to a proprietary volatility index. Respondent allegedly failed to adequately disclose an additional cost of 1.5 percent of the index value each quarter known as the “execution factor.”

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